New Delhi: The Union government’s fiscal deficit during April-February 2024 stood at Rs 15 lakh crore. It touched 86.5 per cent of the revised full FY24 target. Data released by the Controller General of Accounts (CGA) revealed this.
The fiscal deficit during the corresponding period last year had stood at 82.8 per cent of revised estimates (RE) of the Union Budget 2022-23.
Fiscal deficit is the difference between the total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government.
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For 2023-24, the government’s fiscal deficit is estimated at Rs 17.35 lakh crore or 5.8 per cent of the GDP. In February, the Centre’s fiscal deficit surged to Rs 3.98 lakh crore, 51.6 percent higher than a year ago.
The government’s total receipts stood at Rs 22.45 lakh crore (81.5 per cent of corresponding RE 2023-24 of total receipts) as of February 2024. On the whole, total receipts were 11.6 percent more in April 2023-February 2024 than what was collected in the same period of the previous year. The total expenditure incurred by the Centre was Rs 37.47 lakh crore (83.4 per cent of corresponding RE 2023-24).
The central government’s net tax collections – arrived at after making tax devolution to states – in the second month of 2024 came in at a negative of Rs 30,388 crores in February 2024.However, for April 2023-February 2024, net tax collections are still 6.8 percent up on a year-on-year basis.
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